Wesleyan Mortgage Program

REVISED PROGRAM EFFECTIVE DATE IS JULY 1, 2025.

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 Purpose of Program

Wesleyan provides first mortgage assistance on residential properties for the purpose of supporting and encouraging faculty and staff to secure home ownership within reasonable commuting distance of the campus.  

Mortgage assistance can be used for expenses directly related to the mortgage and closing costs for the purchase of the home.  This includes down payment, discount points (to lower the mortgage rate), real estate taxes, title policies, mortgage interest and insurance premiums required to be paid at closing.

The mortgage assistance benefit is taxable to the employee.

Eligibility Guidelines 

Faculty

  • Must be at least .75 FTE.
  • Eligible faculty hired before January 1, 2022 may utilize the mortgage benefit for as long as they continue employment at Wesleyan.
  • Eligible faculty hired on or after January 1, 2022 may utilize the mortgage benefit within fifteen (15) years of program eligibility date.
  • Visiting faculty are not eligible for the mortgage assistance program.

Staff

  • Must be at least .75 FTE.
  • Eligible staff who relocate from further than 50 miles away from Middletown to accept employment at Wesleyan may utilize the mortgage benefit within three (3) years of program eligibility date.

The following conditions apply to all eligible faculty and staff:

  • If two eligible employees share the same residence, only one (1) employee may receive the benefit.
  • Employees must provide a letter of commitment from the lender as evidence of acceptable financial condition.
  • Faculty and staff who are visiting, retired, temporary, or with limited term appointments are not eligible. 
  • The mortgaged residence must be less than 50 aerial miles from the Wesleyan campus.  This circle includes New Haven and Hartford.  Please find the map and list of localities.
  • Eligible employees may utilize the mortgage benefit only one time during their employment with Wesleyan.

Mortgage Assistance Benefit

Eligible faculty and staff will receive a mortgage benefit of $20,000 without regard to mortgage amount, first-time homebuyer status, or income.

Conditions of Benefit:

  • The mortgage benefit is a taxable benefit to the employee and will be provided to the lender/closing agent at the time of the closing.
  • Mortgage benefit is available only for the purchase of a primary residence.
  • Mortgage benefit is not available for:
    • Second mortgages.
    • Home improvements or renovations, even if completed at the time of the purchase of the home.
    • Refinancing of current mortgages or for cash purchases.
    • The acquisition of investment property, including a multi-family house, even if occupied by a Wesleyan employee except for Wesleyan owned property sales.
    • Purchase of furniture and other household items.

Please contact benefits@wesleyan.edu for an eligibility letter to show lenders, agents, or banks, or for any other questions related to this program. 

Revised 5/2025